The global aramid fiber market size is expected to reach USD 6.8 billion by 2027, expanding at a revenue-based CAGR of 8.2% during the forecast period, according to a new report by Grand View Research, Inc. Superior properties such as strength and heat-resistance of aramid fiber has promoted its utilization in the production of body armor fabric.
The growing need for security and protection measures across various industries such as mining, healthcare/medical, oil and gas, building and construction, and the military is projected to propel market growth. In addition, stringent regulations in developing economies related to occupational safety are likely to benefit market growth over the forecast period.
Aramids fibers are being increasingly used as an alternative to metal wire and organic fiber in structural composite applications in aerospace and marine sectors, and ropes for oil rigs in offshore locations. In addition, product benefits such as non-aggressive wear and tear on drums and discs and fade resistance is anticipated to propel its usage.
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The manufacturing process involves the use of a number of high-cost chemicals, which elevates its production cost. In addition, huge capital investment in machinery and production process is anticipated to pose a threat to the growth of the aramid fiber market. However, the development of cost-beneficial production facilities is anticipated to benefit market growth.
Further key findings from the report suggest:
• Para-aramid fiber accounted for a market share of 75.6% in 2019, owing to its properties such as excellent strength-to-weight ratio coupled with superior chemical resistance
• The security and protection application segment dominated the market in 2019 and is estimated to generate revenue of USD 2.6 billion by 2027, owing to growing concern regarding the protection of personnel in military and industrial sectors
• The market in Asia-Pacific is anticipated to exhibit a revenue-based CAGR of 9.1% from 2020 to 2027 on account of the growing need for security and protection measures across the military and defense and medical industry
• The U.S. market is projected to witness strong growth over the forecast period and reach a market value of USD 1.4 billion in 2027 on account of increasing demand for personal protective equipment
• China was the largest market in the Asia Pacific in 2018 on account of the expansion of automotive industries and increasing demand for personal protective equipment.
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Grand View Research has segmented the global aramid fiber market on the basis of product, application, and region:
Aramid Fiber Product Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• Para-aramid
• Meta-aramid
Aramid Fiber Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• Security & Protection
• Frictional Materials
• Rubber Reinforcement
• Optical Fibers
• Tire Reinforcement
• Electrical Insulation
• Aerospace
• Others
Aramid Fiber Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• North America
o The U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o Italy
o The U.K.
o Russia
• Asia Pacific
o China
o India
o Japan
o South Korea
• Central & South America
o Brazil
• Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.